Oil Rallies On Large Crude Draw

Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21. This compared with a relatively modest inventory build of 1.1 million barrels for the previous week. At 473.7 million barrels, the EIA said, crude oil inventories are 6 percent above the five-year average for this time of the year. In fuels, meanwhile, the authority estimated a mixed inventory picture, after last week major draws in both gasoline and middle distillates pushed oil prices…